EQT Exeter Pays $71M for Washington Industrial Assets
EQT Exeter has purchased four industrial buildings totaling 365,000 square feet, part of Gayteway Business Park in Arlington, Wash. GS Venture Partners sold the Class A assets for $70.6 million, according to CommercialEdge information. CBRE and the Broderick Group represented the seller.
The traded assets include Buildings B & C, totaling 130,315 square feet, alongside the 117,060-square-foot Building F and the 117,800-square-foot Building G.
GS Venture Partners broke ground on the 54-acre Gayteway Business Park in 2019, four years after purchasing the land for $4.2 million from Trinity Partnership.
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Buildings B and C were the first to rise inside the development and came online in 2020. Buildings F and G launched in 2023 and 2024, respectively. The project may include five more buildings totaling 496,144 square feet, currently in the planning and permitting stages, according to CommercialEdge data.
The purchased assets feature dock-high and grade-level loading, concrete truck courts and 24- to 30-foot clear heights. Moreover, Buildings B & C include nearly 10,000 square feet of office space.
The park was fully leased at the time of the acquisition. Tenants include Quantum Windows and Doors, which leased the entire Building F, and C&C Packaging Services, which occupies 31,621 square feet at Building C.
Located at 20101 and 19927 67th Ave. NE, the facilities are less than 2 miles away from the Arlington Municipal Airport and some 5 miles away from Interstate 5.
CBRE Vice Chairman Brett Hartzell alongside Executive Vice President Paige Morgan and Broderick Group Co-Founder Al Hodge represented GS Venture Partners.
EQT bullish on the industrial market
Following EQT Exeter’s closure of a $4.9 billion industrial fund last year, the firm went on a shopping spree—just last month the firm purchased a 5.1-million-square-foot industrial portfolio in metro Minneapolis-St. Paul for more than $284.6 million. Prologis sold the facilities.
The month before, EQT acquired a 641,906-square-foot Phoenix-area industrial asset from Developer BET Investments for $60.1 million. Also in April, the firm purchased an 819,004-square-foot industrial facility in Fontana, Calif., for $197 million.
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